I have entered 1099-R correctly but, TruboTax -2020 is still showing 8606 Line 18 as 7000 taxable income. Here is the situation:
1) IRA has .40 cents (or less than $1) as of 12/31/2019
2) Contribution made to IRA on Jan-2020 for year 2019 from after Tax money
3) Roth conversion done in March 2020 (about 35 days after deposit to IRA)
4) 2020 1099-R Info -- box-1 7000, box-2a 7000, Box2b-Taxable Amt Not determined, box-7 code=7 IRA/SEP/SIMPLE box checked
I didn't report the deposit made to IRA in 2019 TurboTax as I don't see a 8606 for 2019, because it did not aske me the 'Non-deductible IRA contribution questions at all. I am checking even now and don't see that questionnaire showing up where I can report 2019 IRA deposit in 2020.
Q1 -Do I need to amend 2019 tax return?
Q2 - if Amend do I need to file as this does not make any changes in Tax Amt?
Q3 - Is it possible to account this for 2019 IRA deposit & Roth conversion in 2020 prior to Tax filing date, without amending my 2019 Tax Return?
Your help is much appreciated.
